Tax filing extension comes with a catch

On behalf of The Peck Group, L.C.
posted in Delinquency
on Wednesday, April 2, 2014

As tax day approaches, many Atlanta readers are probably finding themselves awake at night, worrying about gathering the right information and figuring out how to meeting the April 15th filing deadline for their federal income taxes. Filing taxes is probably everyone’s least favorite time of year, since there can be so many questions that arise and concerns about tax compliance. This is for a good reason – the United States Tax code is incredibly complex. Even with the help of an accountant, people who own business, hold assets abroad, or have other complex tax situations may need to look deeper into tax compliance and tax law issues in order to create the best plan.

In these situations it may be helpful to file for an income tax filing extension. One simple form can extend the deadline until October 15th, giving taxpayers an extra 6 months to finish the work. In fact, it is not even necessary to provide a reason to the Internal Revenue Service to justify asking for or receiving the extension, something that a lot of taxpayers probably do not know.

One important thing to remember about extending the filing deadline is that if a taxpayer thinks that they owe taxes, the deadline for that is not extended along with the filing date, so it is important that they work with a qualified professional to come up with a reasonable estimate of taxes owed.

All of this is to say that as the deadline for income tax returns approaches, it is helpful to remember that there are a lot of nuances to tax law.

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